PFB Law, Professional Association - St. Paul Business Law And Estate Planning Lawyer" class="brand-image"/>
St. Paul: 651-968-1022
Toll Free: 866-561-3419
Practice Areas

Choose where to live during retirement carefully to save money

One thing that you might be interested in as you get older is obtaining a mortgage that you can pay with your Social Security retirement alone. Social security checks are expected to be around $1,461 per month for individuals in 2019 on average. Couples receiving this much may have enough to cover the major expenses, like health care, utilities, housing, transportation and food, but only in some areas of the nation.

Something that people approaching retirement with a mortgage should know is how much they can expect to see left over after their expenses are paid. It will vary, but knowing the cheapest places to live will help maximize what you receive.

Did you know that housing costs in Georgia are some of the lowest? Retired individuals pay around $1,038 for housing with a mortgage, but only around $355 if there is no mortgage. In Minneapolis-St. Paul, Minnesota, homeowners pay around $546 without a mortgage and $1,443 if they do have one. Rent is fairly cheap, and it is set at $975 on average throughout that city.

The reality, looking at these figures, is that Social Security usually isn't enough to cover basic expenses in cities where there are high housing costs. If you can pay off your mortgage or refinance it to a lower monthly payment, you'll be in a much better financial position regardless of where you live.

Knowing what to expect when you reach retirement age and begin relying on Social Security can help you decide what to do with the mortgage you currently have -- and better understand your options for selling or buying a home in the future.

No Comments

Leave a comment
Comment Information